Should You Bet on AI or Crypto? Plus, the SEC’s Tokenized Stock Overhaul

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Ram Ahluwalia, CEO and Founder of Lumida, who makes a non-consensus case that the Fed will hold rather than hike at its September meeting, and argues that AI has more room to run than crypto as capital rotates between the two. Then Joris Delanoue, CEO of Fairmint, breaks down the SEC's proposed overhaul of transfer-agent rules, the first in decades, which could let a blockchain serve as the official record of securities ownership. He unpacks the three models of tokenized equities, the AMC–Robinhood stock-token dispute, and why a single source of truth matters for the issuer-shareholder relationship. Plus, a look at ETF flows, with bitcoin ETFs posting their worst week since July and ether ETFs drawing net inflows. - Learn more at bullish.com. - Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com. - To get market-moving news delivered daily, download CoinDesk's mobile app: linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:21 Crypto Green as AI Stocks Sell Off, Oil Tops $100 00:47 Lumida's Ram Ahluwalia on the Macro Picture 01:23 The Non-Consensus Call: No Rate Hike Coming 03:26 Anthropic's Coming S1 and the AI "Nothing Burger" 04:46 Why AI Has More Room to Run Than Crypto 06:58 Tokenization, DeFi, and the CLARITY Act 08:30 Ahluwalia's Top AI Plays and Midterm Positioning 10:27 SEC Proposes Biggest Transfer-Agent Overhaul in Decades 10:42 Fairmint's Joris Delanoue Joins 11:41 The Tokenization Paper-Crisis Parallel 12:43 Three Models of Tokenized Equities 15:17 The AMC–Robinhood Fight Over Stock Tokens 16:19 Fixing the Issuer-Shareholder Disconnect 18:38 Educating CEOs on What Tokenization Unlocks 20:31 ETF Flows: BTC Bleeds $463M, ETH Gains $197M